The German Finance minister, Wolfgang Schaeuble sticks to the european Commission, which has recommended to increase the spending for investments, but, to tell the minister, “is aimed at the wrong Country”.
At the beginning of November, the Commission has been asked to focus less on austerity and more on investments, proposing to the eurozone Countries to increase public spending in 2017, up to 0.5% of Gdp in order to support the economic recovery. The european commissioner for economic Affairs Pierre Moscovici have not aimed explicitly to Germany, but the Country has a budget surplus and a strong economy and is, therefore, considered to be one of the members of the eurozone, that could increase capital spending.
Today, in the course of a speech at the German Parliament, Schaeuble said that the Commission’s recommendations are “directed to the “wrong Country”, recalling that Germany has increased the investment spending of 3.9% per year in the last decade, compared to an average of 0.7% in the eurozone. “The problem – said Schaeuble – and’ that the recommendations of the Commission are beyond the true task of the Commission, or to control the budgets and spending plans of the individual member Countries to ensure that they conform to the rules and to the europe agreements. This is a condition because the euro area remains stable, and because the single currency remains strong. With these recommendations the Commission does not fulfil its tasks, and in fact does the opposite.”
The German minister said the premier Matteo Renzi. “Ministers meeting in paris today, has said that Europe does not control well the budgets of the individual States,” – said Renzi, speaking at an initiative on the referendum in Piombino – I agree and I think that it is necessary that Europe should begin to check out the German budget that has a surplus business. The Eu starts to check the balance of the German because the German surplus is creating problems for the whole of Europe”.
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